India’s Mahindra Reportedly Inches Closer To Buy Pininfarina

It seems that Pininfarina still has a chance.

We reported last month that negotiations between Mahindra and Pininfarina turned cold, with the latter being forced to come up with a stand-alone business plan. Things were looking pretty grim for the prestigious coachbuilder and designer, but Bloomberg reports that people familiar with the matter say Mahindra & Mahindra Ltd., India’s largest maker of SUVs, is close to an agreement to purchase the Italian company

We know Mahindra was looking to buy the 85-year-old design-studio for a while now, and it seems that the two companies are finally seeking to complete negotiations in the following days, according to the same source. A final purchase price has yet to be mentioned, but it’s possible that Mahindra has to deal with the Italian firm’s $52.7 million debt first.

The designer already works together with the Indian conglomerate on SUV development and developed the upcoming TUV300 compact SUV, which Mahindra will preview in the following days.

Other business entities were interested in acquiring Pininfarina, but it’s possible they were put off by the company’s enormous debt.